Asset Audit

Free asset audit & stocktake checklist

Audits & stocktakes

Asset audits

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Stocktake

A stocktake (also called a physical inventory count) is the process of physically counting and verifying all assets or inventory items and reconciling the count against records in the asset register or inventory system. It confirms that recorded quantities and locations match physical reality. Stocktakes may cover all assets (full stocktake) or focus on specific categories, locations, or high-value items (partial or cycle count).

Asset Register

An asset register is a comprehensive database or record of all physical assets owned, leased, or managed by an organisation. Each entry typically includes the asset’s unique identifier, description, category, serial number, purchase date, cost, location, assigned custodian, warranty details, and current condition. The asset register serves as the single source of truth for what the organisation owns and where it is.

Compliance Management

Compliance management in asset-intensive industries is the systematic process of ensuring that equipment, operations, and personnel meet all applicable regulatory, safety, environmental, and contractual requirements. It encompasses tracking inspection due dates, certifications, licences, safety checks, environmental obligations, and industry-specific standards. Compliance management requires both proactive scheduling and thorough record-keeping.

Asset Tracking

Asset tracking is the process of monitoring the location, status, custody, and condition of physical assets throughout their lifecycle. It combines identification technologies (QR codes, barcodes, RFID, GPS) with software to maintain a real-time or near-real-time record of where assets are and who is responsible for them. Asset tracking applies to tools, equipment, plant, fleet, IT hardware, and any other tangible items of value.

QR Tracking

QR tracking, also called QR code asset tracking, uses a unique QR code label on each physical asset to open that asset’s digital record. When a worker scans the code, the system resolves the tag and opens the linked record. The actions available from there depend on the user’s permissions, connection and the workflow they choose. Scanning alone does not record location or utilisation; GPS devices report location automatically.

Chain of Custody

Chain of custody is the documented, chronological record of the possession, handling, transfer, and location of an asset, sample, document, or piece of evidence from the point of origin through every subsequent handover to its current or final state. In asset management, chain of custody tracks who received an item, when they received it, where it was stored or used, and who they transferred it to next. In regulated industries, maintaining an unbroken chain of custody is essential for legal admissibility, quality assurance, and regulatory compliance. The concept originates from legal and forensic practice but has been adopted across sectors including mining, oil and gas, defence, healthcare, environmental management, and laboratory testing where proving the integrity and provenance of items is critical. Each handover event in the chain should capture the identity of the releasing and receiving parties, the date and time, the condition of the item, and the reason for the transfer, creating a continuous, auditable record from acquisition through to disposal or final use.

Asset Transfer

Asset transfer is the formal process of moving custody, responsibility, or ownership of a physical asset from one person, team, site, or organisational unit to another. A properly documented transfer includes the date, the transferring and receiving parties, the asset’s condition at transfer, and any associated sign-off or acknowledgement. It maintains the chain of custody and accountability throughout an asset’s operational life.